A9653-2011 Actions

• Jun 19, 2012: held for consideration in ways and means
• Mar 22, 2012: referred to ways and means

A9653-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         9653
 I N  ASSEMBLY
 March 22, 2012
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
 on Ways and Means
 

AN ACT to amend the tax law, in relation to making technical corrections
 to the conservation easement tax credit
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Paragraph 1 of subsection (kk) of section 606  of  the  tax
 law,  as added by section 1 of part F of chapter 62 of the laws of 2006,
 is amended to read as follows:

 (1) Credit allowed. In the case of a taxpayer who owns  land  that  is
 subject to a conservation easement held by a public or private conserva
 tion  agency, there shall be allowed a credit for twenty-five percent of
 the [allowable school district, county and  town]  real  property  taxes
 PAID  on  [such]  THE  land,  OR  PORTION  OF  THE  LAND, SUBJECT TO THE
 EASEMENT. In no event shall the credit allowed under this subsection  in
 combination  with any other credit for [such school district, county and
 town] real property taxes under this section exceed such taxes.
 

S 2. Subdivision 38 of section 210 of the tax law, as added by section
 3 of part F of chapter 62 of the laws of 2006, is renumbered subdivision
 45 and is amended to read as follows:

 45. Conservation easement tax credit. (1) Credit allowed. In the  case
 of  a  taxpayer who owns land that is subject to a conservation easement
 held by a public or private conservation agency, there shall be  allowed
 a  credit  for  twenty-five  percent  of the [allowable school district,
 county and town] real property taxes PAID on [such] THE land, OR PORTION
 OF THE LAND, SUBJECT TO THE EASEMENT. In no such case shall  the  credit
 allowed  under this subdivision in combination with any other credit for
 [such school district, county and town] real property taxes  under  this
 section exceed such taxes.
 (2)  Conservation easement. For purposes of this subdivision, the term
 "conservation easement" means a  perpetual  and  permanent  conservation
 easement as defined in article forty-nine of the environmental conserva
 tion  law  that serves to protect open space, scenic, natural resources,
 biodiversity,  agricultural,  watershed  and/or  historic   preservation
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02983-03-2
 
       A. 9653                             2
 resources.  Any  conservation easement for which a tax credit is claimed
 under this subdivision shall be filed with the  department  of  environ
 mental  conservation, as provided for in article forty-nine of the envi
 ronmental  conservation  law and such conservation easement shall comply
 with the provisions of title three of such article, and  the  provisions
 of  subdivision  (h)  of section 170 of the internal revenue code. Dedi
 cations of land for open space through  the  execution  of  conservation
 easements  for  the purpose of fulfilling density requirements to obtain
 subdivision or building permits shall not be considered  a  conservation
 easement under this subdivision.
 (3)  Land.  For  purposes of this subdivision, the term "land" means a
 fee simple title to real property located in this state, with or without
 improvements thereon; rights of way; water and  riparian  rights;  ease
 ments;  privileges  and  all  other  rights  or interests of any land or
 description in, relating to or connected with real  property,  excluding
 buildings, structures, or improvements.
 (4) Public or private conservation agency. For purposes of this subdi
 vision,  the  term  "public  or  private  conservation agency" means any
 state, local, or federal governmental body; or any private  not-for-pro
 fit  charitable  corporation or trust which is authorized to do business
 in the state of New York, is organized and operated to protect land  for
 natural  resources,  conservation  or historic preservation purposes, is
 exempt from federal income  taxation  under  section  501(c)(3)  of  the
 internal  revenue  code, and has the power to acquire, hold and maintain
 land and/or interests in land for such purposes.
 (5) Credit limitation. The amount of the credit that may be claimed by
 a taxpayer pursuant to this subsection shall not  exceed  five  thousand
 dollars in any given year.
 (6)  Application of the credit. The credit allowed under this subdivi
 sion for any taxable year shall not reduce the tax due for such year  to
 less than the higher of the amounts prescribed in paragraphs (c) and (d)
 of subdivision one of this section. However, if the amount of the credit
 allowed  under  this subdivision for any taxable year reduces the tax to
 such amount, any amount of the credit thus not deductible in such  taxa
 ble  year  shall  be  treated as an overpayment of tax to be credited or
 refunded in accordance with the provisions of subsection (c) of  section
 [ten hundred] ONE THOUSAND eighty-eight of this chapter, except that, no
 interest shall be paid thereon.
 

S  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
 follows:

 (XXXIV) CONSERVATION EASEMENT        AMOUNT OF CREDIT UNDER
 TAX CREDIT UNDER SUBSECTION (KK)     SUBDIVISION FORTY-FIVE OF
 SECTION TWO HUNDRED TEN
 

S 4. This act shall take effect immediately and shall be made applica
 ble  to taxable years commencing on and after January 1, 2012 and there
 after.

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